Home remodeling upgrades your space to a more functional, beautiful, and valuable space, whether you’re redoing everything or just one room. If you have a tight budget or need time to get your money in order, financing can help you realize your remodeling dreams without putting a strain on your wallet. Below are several FAQs about financing options.

4 FAQs About Home Remodeling Financing

What are the two most popular financing options?

The two most popular financing choices offered by general contractors and remodeling stores are same-as-cash or low monthly payment options. Same-as-cash financing offers quick money for your project, up to several tens of thousands of dollars, and if you pay off the loan within the selected time, you avoid paying interest on it. Low monthly payment loans give you the money upfront, and then you pay it off through equal monthly payments over a period of time.

What are the benefits of each?

With a same-as-cash loan, you can avoid paying interest and monthly payments, if you pay it off with a lump sum by the selected date. It gives you the ability to accrue the money to pay it off down the line or time to liquidate some assets to pay for it without postponing your project. Low monthly payment loans allow you to get the remodel you want, instead of being limited by what you can put down upfront. There’s no penalty for paying it off before the end of the term, you’ll have manageable monthly payments, and there’s a higher borrowing cap.

What qualifies me for the financing?

Your credit score and income will determine if you’re approved for financing and how much you can borrow. If the financing is done through a brand or product company, you have to have at least one of their products in the purchase -- whether it’s a vanity, cabinets, or new countertops -- to qualify for the financing, too. Buying one of their products means they’ll finance your entire purchase if you’re approved for that amount, even products and services that aren’t theirs.

How do I apply?

Your general contractor should be able to give you a website or phone number that will start the application process. Once you’ve completed the application, you’ll get a determination, usually on the same day or even within a few minutes. If you accept the offer and everything gets approved, your project can go ahead and begin.

Do you want to finance your home remodeling project? Southern Design & Remodeling in Marietta, GA, offers competitive financing, whether you just want new cabinets or a whole new room. Since 2012, this award-winning company has provided full kitchen and bath remodeling, with top-of-the-line products and interior design services. Learn more about their financing online, and call (770) 321-8669 to schedule an in-home consultation.